Singapore, Asia, July 29, 2024, Chainwire
- Elastos BeL2 will work with StarkWare to integrate Starknet ZKPs and the Cairo programming language with BeL2 to create native Bitcoin DeFi apps.
- Starknet integration allows BeL2 to offer smart contracts and dapps without moving Bitcoin assets from the mainnet.
- The Starknet Grant validates the strength of BeL2 innovation and leadership in the native Bitcoin ecosystem.
Elastos BeL2 (Bitcoin Elastos Layer 2) has secured a $25,000 grant from Starknet, a technology leader in zero-knowledge proofs (ZKP). This significant support highlights the critical role that Elastos BeL2 infrastructure plays in advancing native Bitcoin DeFi, particularly native Bitcoin lending. By integrating Starknet ZKP with the Cairo programming language, Elastos’ BeL2 will enhance the ability to provide smart contracts and decentralized applications (dapps) without moving Bitcoin (BTC) assets from the main network. This strategic partnership with Starknet demonstrates the growing acceptance and maturity of the BeL2 infrastructure, and reinforces Elastos’ commitment to market leadership in the evolving Bitcoin DeFi market.
Starknet, developed by StarkWare, is known for its advancements in ZKP technology, which enhances the privacy and security of blockchain transactions. ZKP allows one party to prove to another party that a statement is true without revealing any information beyond the validity of the statement itself. This technology is fundamental to scaling blockchain networks, and it enhances BeL2’s ability to integrate complex smart contracts while maintaining the integrity and security of Bitcoin.
“We are delighted to have received the Starknet grant and are excited to announce this partnership to build ZKP technology and tight integration with the Cairo programming language,” said Sasha Mitchell, Head of Bitcoin Layer 2 at Elastos. “This is a major milestone for BeL2 and a real endorsement of the maturity and capabilities of our core technology. This support will allow us to further build out native Bitcoin lending innovation as we seek to leverage the growing acceptance of Bitcoin as a viable alternative financial system.”
Through close integration with Cairo, BeL2 can use this powerful programming language to enhance the functionality of Bitcoin and deliver secure, efficient, and scalable decentralized finance (DeFi) applications. In particular, the relationship with Cairo enhances BeL2’s leading technological innovations, including:
- ZKP ensures safe and private transaction verification
- Decentralized arbitration using collateral nodes to oversee and enforce fairness in native Bitcoin DeFi
- BTC Oracle, which facilitates cross-chain interactions where information, not assets, is exchanged, Bitcoin remains a major infrastructure.
BeL2’s vision extends beyond technological innovation to pioneering a new financial system. The goal is to build a Bitcoin-backed Bretton Woods system that will solve the global debt crisis and strengthen Bitcoin’s role as a global currency. This new system will be based on the integrity and security of Bitcoin, providing a stable foundation for decentralized financial applications.
As integration with Starknet and Cairo programming languages expands, BeL2 will deliver additional advancements in smart contract functionality, decentralized arbitration, and innovative financial products. At Token 2049, BeL2 will showcase additional innovations around its core technologies, especially arbitrators, which will underscore Elastos’ vision of providing a more equitable and decentralized financial system based on Bitcoin.
About Elastos
Elastos is a public blockchain project that integrates blockchain technology with a reconfigured set of platform components to create a modern internet infrastructure that provides inherent protections for privacy and digital asset ownership. The project’s mission is to build an accessible open source service for the world, enabling developers to build an internet where individuals own and control their data.
The Elastos SmartWeb platform enables organizations to re-engineer the way the Internet works, giving them more control over their data.
https://elastos.info
https://www.linkedin.com/company/elastosinfo/
contact
Public Relations Manager
Roger Darasha
Elastos
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